David Ganek's lawsuit against federal authorities alleging improper conduct that led to the shuttering of his $4 billion New York hedge fund is inching closer to a long-sought conclusion.

After Ganek and his legal team prevailed against a motion to dismiss, the government appealed.

The Level Global Investors founder told CNBC on Tuesday he's awaiting a hearing in the 2nd Circuit Court of Appeals next month.

"The case has ripened in a way that arguably was unexpected," Ganek told "Squawk Box."

"Two years ago ... most people would've said we had very little chance of surviving what was ultimately their filing of a motion to dismiss it," he added.

In February 2015, Ganek filed a complaint in U.S. District Court for the Southern District Court of New York against U.S. Attorney Preet Bharara — often referred to as the "sheriff of Wall Street" — and federal authorities involved in an FBI raid of Level Global in November 2010 and the related investigation.